I am currently entering my third year of a Iva. i have been told that i have earned extra money due to a increment rise in my wages over the last two years. so i am paying 50 percent of this into my Iva. I have been told that this does not come of my iva amount. So where does this money go and why doesnt this reduce my overall debt? i am quite confused as to where this money goes to! Any help would be much appreaciated.
Any additional funds you are paying into your IVA should go towards the overall return. Unfortunately only your own IP can clarify what happpens to the funds as they know your case in full detail.
Leet us know what they say!
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Your extra payments wont reduce the time you pay your IVA,unless you manage to repay your debts in full,plus fees. Your extra money will still go to creditors,it just means they will get more than was originally planned.
Are you with one of the larger IVA companies?
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You're right Carole as far as I am aware . Anything extra paid across goes towards your total debt.
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The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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The ultimate aim when you enter into an IVA should be to maximise the return to creditors - so any additional funds that you pay over will increase their dividend and lessen the amount that they have to write off.
Well done to you to be making sure you are paying the most you can afford.
Hi
The money will go to your creditors and will increase the amount that they receive over your IVA retm, as Melanie states it will mean that they write off less debt at the end of your IVA
Regards
